Solana started a new round of gains from the $220 area and is expected to rise above the $250 resistance level. Its exchange rate against the US dollar stabilized at $225 and then started to rise. The current price is above $240 and the 100 hourly simple moving average, and it has broken through the key bearish trend line of the $240 resistance level on the SOL/USD hourly chart. If the bulls break through the $250 area, a new round of gains may begin.
Solana Price Trend Analysis
Solana price has formed a support base and, similar to Bitcoin and Ethereum, has begun to break through the $225 level. After breaking through the $230 and $232 resistance levels, it is expected to see considerable gains.
The price broke the 50% Fibonacci retracement level of the downward move from the $256 high to $221 low and also broke a key bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair. Currently, Solana is trading above $240 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near $244, which is the 61.8% Fibonacci retracement level of the downward move from the $256 high to $221 low.
The next major resistance level is around $248. The key major resistance level could be $250. A successful close above the $250 resistance level could set the stage for another steady rise. The next key resistance level is $265. If the price continues to rise, it could reach $278.
Solana Price Drop Support Analysis
If Solana fails to break the $248 resistance, it could start a downside correction. An initial support on the downside is near the $240 level, which is near the 100 hourly simple moving average. The first major support is near the $232 level. Once below the $232 level, the price could decline towards the $230 area. If there is a close below the $230 support, the price could fall further towards the $220 support in the near term.
Technical indicators
Hourly MACD: The MACD indicator for SOL/USD is accelerating in the bullish zone, which is a positive sign for price increases.
Hourly RSI (Relative Strength Index): The RSI for SOL/USD is above the 50 level, which shows that the current market power is relatively biased in favor of the bulls. It also suggests, to a certain extent, that the price has the potential to continue to rise.
Summary of Key Support and Resistance Levels
Major support levels: $240 and $232. These two levels play a key role in supporting the downward trend of prices. If they can be maintained, it will help to maintain relative price stability or start an upward trend again.
The main resistance levels are $248 and $250. When the price rises to these levels, it may face greater resistance. Whether it breaks through or not will have an important impact on the subsequent trend.
